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Legally, there's no actual distinction between a commonwealth state, and the other states (the exception being Puerto Rico, which is legally a Commonwealth of the United States).
The idea of a "commonwealth" had greater significance in the early days of the nation, when it was important to reflect the idea of a government 'for the good of all the people' as opposed to a tyrannical monarch. This didn't necessarily mean no monarch, but that the entire government would serve the interests of the "common weal." Today, From a general standpoint, each of these states are great places to lay roots, with great cities; high quality of life; and a wealth of history and cultural impact.
Interesting, but random notes: Historically, Pennsylvania maintained the distinction between chancery (equity) and law which is still somewhat visible in having uniquely both Commonwealth Court (chancery) and Superior Court (law); Kentucky was carved from Virginia and opted to retain the Commonwealth designation; and Massachusetts actually sets forth its Commonwealth status in the state's constitution.
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